Bitwise's XRP exchange-traded product (ETP) has undergone a rebranding, according to a Friday press release. It has now been renamed to the Bitwise Physical XRP ETP.
Ripple, the enterprise blockchain company associated with the token, has invested into the product. Ripple CEO Brad Garlinghouse noted that there was a growing demand for crypto-backed investment offerings.
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The ETP, which was originally known as ETC Group Physical XRP, is trading on Xetra, a trading platform of Germany's Deutsche Börse.
As reported by U.Today, Bitwise acquired London-based ETC Group in August in order to increase its presence in Europe.
Bitwise has noted that XRP is becoming increasingly popular due to its high scalability, as well as reliability in such sectors as cross-border payments.
There are several existing XRP ETPs on the European market. In fact, they have been around for years. The very first such product was launched by Swiss-based Amun AG back in April 2019.
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ETC Group unveiled its physical XRP ETF, which has now been rebranded by Bitwise, back in April 2022. The product replicates the performance of the Ripple-affiliated cryptocurrency. Bradley Duke, founder of ETC Group, claimed that Ripple was emerging as the leader in the global payment system.
XRP does not have a U.S.-based spot ETF for now. However, there are several pending applications for the launch of such a product from Bitwise and other firms. It remains unclear when such a product could be possibly greenlit by the SEC. The next SEC head is expected to adopt a much more favorable stance toward the industry.
Ripple CEO Brad Garlinghouse repeatedly stated in various interviews that the approval of an XRP ETF was "inevitable."
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